Fitbit Inc (FIT) Stock Rating Reaffirmed by Oppenheimer Holdings, Inc.
Fitbit Inc (NYSE:FIT)‘s stock had its “outperform” rating reissued by Oppenheimer Holdings, Inc. in a research report issued on Wednesday. They presently have a $8.00 target price on the scientific and technical instruments company’s stock. Oppenheimer Holdings, Inc.’s price target points to a potential upside of 20.12% from the company’s previous close.
Several other equities research analysts have also commented on the stock. Dougherty & Co reaffirmed a “neutral” rating on shares of Fitbit in a research report on Wednesday. Vetr raised shares of Fitbit from a “sell” rating to a “hold” rating and set a $6.67 target price for the company in a research report on Wednesday. Zacks Investment Research raised shares of Fitbit from a “hold” rating to a “buy” rating and set a $7.25 target price for the company in a research report on Tuesday, September 26th. ValuEngine upgraded shares of Fitbit from a “strong sell” rating to a “sell” rating in a research note on Friday, September 15th. Finally, Stifel Nicolaus restated a “hold” rating and set a $6.00 price target on shares of Fitbit in a research note on Thursday, September 14th. Six analysts have rated the stock with a sell rating, fourteen have given a hold rating and seven have given a buy rating to the company. The company has an average rating of “Hold” and a consensus target price of $7.45.
Fitbit (NYSE:FIT) traded down 0.976% on Wednesday, reaching $6.595. The company’s stock had a trading volume of 2,401,146 shares. The stock’s 50 day moving average is $6.56 and its 200-day moving average is $6.56. The firm’s market capitalization is $1.54 billion. Fitbit has a 52 week low of $5.62 and a 52 week high of $15.05.
Fitbit (NYSE:FIT) last issued its quarterly earnings data on Wednesday, August 2nd. The scientific and technical instruments company reported ($0.08) EPS for the quarter, topping analysts’ consensus estimates of ($0.15) by $0.07. The firm had revenue of $353.30 million during the quarter, compared to analyst estimates of $341.24 million. Fitbit had a negative return on equity of 24.71% and a negative net margin of 16.48%. During the same period in the previous year, the company posted $0.12 EPS. The company’s revenue for the quarter was down 39.8% on a year-over-year basis. Analysts predict that Fitbit will post ($0.31) EPS for the current year.
In other Fitbit news, Director Steven Joseph Murray sold 500,000 shares of the stock in a transaction that occurred on Monday, August 7th. The shares were sold at an average price of $5.73, for a total transaction of $2,865,000.00. Following the transaction, the director now directly owns 11,442 shares in the company, valued at $65,562.66. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Jon Callaghan sold 15,000 shares of the stock in a transaction that occurred on Tuesday, August 1st. The shares were sold at an average price of $5.09, for a total transaction of $76,350.00. The disclosure for this sale can be found here. Over the last three months, insiders have sold 580,000 shares of company stock worth $3,366,150. 29.10% of the stock is currently owned by insiders.
Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Wells Fargo & Company MN boosted its stake in shares of Fitbit by 144.5% during the third quarter. Wells Fargo & Company MN now owns 879,237 shares of the scientific and technical instruments company’s stock valued at $13,048,000 after purchasing an additional 519,687 shares during the period. Family Management Corp bought a new position in shares of Fitbit in the fourth quarter worth approximately $1,495,000. DnB Asset Management AS grew its holdings in shares of Fitbit by 81.2% in the first quarter. DnB Asset Management AS now owns 10,363,503 shares of the scientific and technical instruments company’s stock worth $61,352,000 after purchasing an additional 4,644,977 shares during the last quarter. State Street Corp grew its holdings in shares of Fitbit by 14.0% in the fourth quarter. State Street Corp now owns 1,631,848 shares of the scientific and technical instruments company’s stock worth $11,946,000 after purchasing an additional 199,927 shares during the last quarter. Finally, BNP Paribas Arbitrage SA grew its holdings in shares of Fitbit by 15.6% in the second quarter. BNP Paribas Arbitrage SA now owns 446,630 shares of the scientific and technical instruments company’s stock worth $2,372,000 after purchasing an additional 60,346 shares during the last quarter. Hedge funds and other institutional investors own 56.04% of the company’s stock.
Fitbit Company Profile
Fitbit, Inc is a provider of health and fitness devices. The Company’s platform combines connected health and fitness devices with software and services, including an online dashboard and mobile applications, data analytics, motivational and social tools, personalized insights and virtual coaching through customized fitness plans and interactive workouts.
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